Omidyar invests in Greenwald venture

12/19/13 9:12 PM EST

Pierre Omidyar has dedicated an initial $50 million to the new media venture led by Glenn Greenwald, he announced Thursday.

The new venture will be called First Look Media and "will publish robust coverage of politics, government, sports, entertainment and lifestyle, arts and culture, business, technology, and investigative news," according to the announcement. Omidyar will serve as the organization’s publisher.

“This initial capital is the first step of many to bring the vision of this news organization to life,” Omidyar said in a statement. “I am deeply committed to the long-term effort to build a new and exciting platform for journalism — one that not only provides the innovation and infrastructure journalists need to do their best work, but that brings their reporting and storytelling to the widest possible audience.”

Omidyar announced his plans to fund a new venture back in October, hiring Greenwald away from The Guardian. Since then, the venture has brought on reporters Jeremy Scahill, Laura Poitras and Dan Froomkin, among others.

In October, Omidyar said he was ready to put at least $250 million behind the venture — the same price Amazon founder Jeff Bezos paid for The Washington Post earlier this year.